What happens when you think about money? If you tense up and your heart skips a beat, you’re not alone. Taking steps towards better financial practices and habits can help you feel more in control and relieve stress - there’s already enough stress floating around as it is. And, as you start making progress towards your goals, you’ll have the satisfaction of knowing you’re on the road to healthier finances. Have a look at these 5 steps and put them to the test!
You gotta know
The first step to healthier finances is knowing what you’re working with. It’s so easy to lose track of your spending habits with payment options becoming easier and more convenient these days. Apparently people who check their bank balances every day tend to stick to their budgets. Simply log into your banking app and have a look at what is going on there everyday. It happens all too often where you forget to mentally subtract that quick shopping trip earlier this week and now you’re left stranded at the till because you thought you still had enough dough in your bank account. Know what you have to work with every week and stick to it!
Goals, goals, goals
Writing down what you want is a surefire way to remind yourself of what you want to achieve. Do you want to treat yourself to a day at the spa, or a luxurious vacation on the coast? Perhaps it’s time for a new car or business venture. Pin it to a notice board or stick it on the fridge. This way, you’re more likely to think twice before you spend impulsively.
It’s a date
Pick a date and time for financial admin every month (or weekly if you’d prefer) and block it out in your diary. Take this time to ensure all your bills are paid and take note of your spend in the last month and proposed spend for the new month. This will help you keep a clear mind and make better judgements when deciding how to allocate your budget.
Loyalty cards are taking up valuable space in your wallet, so use them! Make a point of shopping at stores where you have a loyalty card and do your research before hitting the shops. Perhaps some of the regular items in your weekly shopping cart are on sale at a different store this week. Keep an eye specials and online deals and use them wisely.
And of course, have your bsmart card with you at all times! You will be saving at more than 11 000 retailers countrywide but you’ll also be contributing to your cash-back bonus at the end of the year. Not a member? Sign up here
Revision is key
It’s always a good idea to edit your budget every now and then. Take note of where your budget is a little tight and where you have some wiggle room at the end of the month and reallocate those funds. Also take note of what it is you are spending your valuable money on. Perhaps it’s time to cut back the night on the town to once a week instead of twice. Or maybe you already have one too many pairs of jeans in your closet, so leave that one you’ve been eyeing in your cart for now. Shop around for insurance deals. Join a lift club. Switch to home made meals for lunch instead of going to the shop around the corner every day. There are so many ways in which you can be more savvy with your money.
Do you have any tips and tricks on how to achieve healthier finances? We’d love to hear how you do it!